Open for Vintage launches handbag buybacks with The Loop
Luxury re-sale technology platform Open for Vintage (OFV) is teaming up with Farfetch-owned resale platform Luxclusif to launch ‘The Loop’ handbag buyback service.
‘The Loop’ will be accessed directly on the OFV website and will allow customers to trade in their designer handbags in exchange for store credit that can be used towards future purchases on the resale platform, while helping to “increase the volume of pre-owned merchandise across the wider Farfetch network”.
The service has been designed to give OFV customers “a more complete circular experience,” with consumers only needing to submit product details and photographs of their bags to receive a proposed buyback price within two days. Once accepted by the customer, the bag is sent to Luxclusif for verification, free of charge.
Once verification is complete, OFV will then provide store credit to the customer and Luxclusif will retain ownership of the bag.
Colin Saunders, chief executive of Open for Vintage, said in a statement: “The launch of The Loop and partnership with Luxclusif and Onport supports our mission to create the most trusted destination in re-sale by offering customers an unparallel experience to discover, shop consciously and extend the lifecycle of luxury goods.”
Rui Rapazote, co-founder and chief executive of Luxclusif, added: “We’re excited to partner with Open for Vintage and offer our resale-as-a-service technology. We believe our experience in powering large programs will be very beneficial to Open for Vintage and we’re confident that our end-to-end solution – covering technology, operations and commercial – will be instrumental for its customer experience and circularity efforts.”
The Loop will initially be available in the UK and Europe before rolling out to the US.
